Big business to Congress: Frightening proposal could ‘destroy’ Wall Street

By Silla Brush

Some of the world’s most prominent CEOs will press New York lawmakers next Thursday to oppose legislation they argue would undermine the Big Apple’s economy and its reputation as a world financial hub.

Among roughly 20 business leaders slated to come to a meeting called by Rep. Charles Rangel (D-N.Y.) are: Rupert Murdoch, CEO of News Corp.; Lloyd Blankfein, CEO of Goldman Sachs; Larry Fink, CEO of BlackRock; and William Lauder, CEO of The Estee Lauder Companies Inc.

The industry leaders are concerned about legislation still being drafted that could give the federal government new powers to break up large financial firms even if they’re not about to threaten the economy…

…Reps. Paul Kanjorski (D-Pa.) and Ed Perlmutter (D-Colo.) are working on amendments to broad financial overhaul legislation that may go much further than the Obama administration had initially proposed.

“If the U.S. dismantles our leading institutions, then it will destroy the American financial center, which is largely anchored in New York,” said Kathryn Wylde, president and CEO of the New York partnership. “It’s just frightening.”…

…House Financial Services Committee Chairman Barney Frank (D-Mass.) said recently that he was working on the amendments with Kanjorski and Perlmutter. The amendments would go further than legislation backed by President Barack Obama that would give the government new powers to deal with financial firms that are failing and threaten to topple the broader economy…

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